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Is Your Debt to Income Ratio More Important that your Credit Score?

Are you a first time home buyer? Maybe you are starting the process of searching for your first home. If you think that you will qualify for a mortgage because of your credit score, you may want to think again. Although a credit score is an important piece of the puzzle, your debt to income ratio now may be the key. According to this article in the LA Times, a poor debt to income ratio can sink your dreams of home-ownership.

Read more here: http://www.latimes.com/business/la-fi-harney-20140720-story.html

If your debt to income ratio is too high to qualify for a mortgage, what you are left with is having to pay down a mountain of debt. If you are in the market to buy a home and now realize that this dream might not happen because of your debt, it may be time to consider debt settlement. Debt negotiation that is completed by a qualified and experienced attorney can assist you in quickly resolving your debt. Not only will you become debt free, your credit score will thank you. Research a qualified debt settlement attorney in your area that dedicates the majority of their practice to debt settlement.

Author: Kevin Fallon McCarthy

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Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.